When you can’t build a business, you build relationships.
When business is tough because of COVID-19, the Coronavirus, you want to work on building relationships. Those who follow the following recommendations will emerge from this crisis busier and more successful.
I have been through three eras when business came to a standstill, when mortgage interest rates rose to over 15%, during the Gulf War, and the foreclosure crisis. Those who succeeded through those learned how to grow stronger. They emerged as the first to do business immediately following the crisis. That led us to grow quickly and take the greatest advantage of the recovery.
When the current crisis concludes, in weeks or months, we hope and pray that it won’t be longer than that, your business can boom.
You can always depend on me for the truth. The truth is that many Agents are continuing to list and sell. That is each Agent’s individual choice. Just five days ago I was strategizing with Agents on how to find a business in this crisis.
We are not going to focus on how to find a business because the Federal government is strongly encouraging everyone to “Shelter in place.”
We are focusing on how to gain strength and momentum even when you are housebound in this COVID-19 era.
Be the voice of positive expectation and confidence.
Everyone is feeling concerned. Many are fearful. Some are frustrated or confused. So, nearly everyone wants to talk. Or they want to listen to someone that gives them positive expectation and confidence. You want to be that voice in as many media as possible. More importantly, when someone wants to talk, let them. Be quiet. Listen to them. Let them finish. Listening creates a very strong bond. Talking, not as much.
The best and the first recommendation is for all Agents to call their past clients and people they know. Get voice to voice with them. At this time of uncertainty, the more personal connection is best. The script for these calls is something like this. “Hi, I just called to see how you guys are doing. With the virus thing going on we have been asked to shelter in place. So, I am just connecting with people I like.
How are you guys doing?
How are you handling all of this?”
Be the source of honest, realistic, and optimistic Real Estate information.
The best second recommendation is to use every other platform to communicate useful honest, realistic, and optimistic Real Estate information.
Post on Social Media platforms on which you are active. If you want to learn to use a platform more effectively or want to learn and get active on another platform, use this opportunity.
Send direct mail to your Spheres of Influence and Geo-Farms. Text, e-mail, use every way possible to convey this information.
What information? The following may not be relevant for all areas of the USA. It will be accurate for many or most.
- Before the COVID-19 outbreak, inventories were low at historic lows. During the crisis, Buyers are likely to be in less competition with other offers. After the crisis, there is inevitably going to be a lot more inventory coming on the market. So, Buyers that are being delayed by the virus would be wise to be ready to get their financing in order and look at properties online. So that they can take action quickly when the time is right.
- Mortgage interest rates are weirdly volatile. An excellent, clear article on this is at https://bit.ly/mtgenews. There will likely be periods where mortgage rates will be lower. Communicate that you are watching this every day (if you communicate it, be sure you are doing it) to ensure that your Buyers get the best rates possible.
- The stock market is down significantly yet most people have confidence that the economy will recover quickly as soon as the crisis is past. Communicate that you are watching for opportunities that arise so that your Client, Buyers and Sellers can take an early advantage.
I am constantly watching all of these things and communicating the insights and opportunities across many media. If you are finding this valuable, watch for Rich Levin of Real Estate Grad School posts, podcasts, articles, and videos. All my work is aimed at how Real Estate Agents can succeed.
Two things Agents do to maximize the opportunity.
In all of these crises that stall or dramatically slow down the Real Estate Market, there is an opportunity for the Buyers and Sellers as the economy emerges out of it. There is a tremendous opportunity for Real Estate Agents who are doing two things.
- Consistently communicate by phone, text, Social Media, email, and every way possible with everyone that the Agent knows. The priority is leads, past clients, friends, family, residents in the Agent’s Geo-Farms, and online.
- Prepare any prospects and leads for the time of transition from crisis back to normal. When it occurs. The transition will likely be just a few weeks or months. It is that period that will hold the best opportunities. But only those who are prepared will be in a position to act quickly.
These major stalls in Real Estate don’t happen often. I’ve seen them. I’ve lived through them. I have come out of them stronger. And I have coached hundreds of Agents to come out of them stronger.
Those who do these two things. Those who work to keep their mindsets strong and stay in positive action have huge income breakthroughs for the rest of their careers. Choose to be one of us who succeed through adversity.
For over 2 decades the Real Estate Agents that coach with Rich have achieved financial stability, wealth, and personal happiness. His work is unique and exceptionally effective. To discuss your business with Rich Levin contact him at Rich@REGradSchool.com or 585-244-2700.